Big data and what to do with it.
Big data. It is not a new term but you may have heard it a lot lately. What is it, and more importantly what should you be doing with it, is our topic for today. The amount of data that is being created and stored on a global level is almost inconceivable, and it just keeps growing. That means there is even more potential to gain key insights from your asset data. Think of a business that relies on quick, agile decisions to stay competitive. Most likely big data analytics are involved in making them succeed.
There is no set definition for big data but from a collection of sources it is,
“any collection of data sets so large and complex that is becomes difficult to process using on-hand data management tools”.
Data analytics is an extremely important tool to advance your business. By examining large amounts of data to uncover hidden patterns, correlations and other insights. That, in turn, leads to smarter business moves, more efficient operations, higher profits and uncovers new growth opportunities.
The importance of big data does not revolve around how much data you have, but what you do with it. The goal should always be to make a solid decision based on your data, and not just hunches. Assumptions can be dangerous and being aware of the root cause is crucial in an asset-intensive company. More data does not just let you see more of the same thing but allows you to see new, better and different possibilities.
Big data can benefit your business in a few ways. For example, cost reduction, as big data technologies identify more efficient ways of doing business. Better decision making, as the speed of clean data being analyzed, allows information to be processed in real time. Lastly, new opportunities because through analytics comes the power to see what is working and what is not. Down the line this allows you to make appropriate decisions that better suit your company’s needs.
The first step to big data is clean and well-organized data. Data needs to be high quality and well-organized before it can be reliably analyzed. With data constantly flowing in and out of your business, it is important to establish repeatable processes to build and maintain standards for data quality. Once your asset data is reliable and well-organized, you should establish a master data management program that gets the entire enterprise on the same page.
How NRX can help with big data.
Organizations that want to analyze the quality of asset and maintenance data in a production EAM or CMMS system usually find it difficult, and labor-intensive. Identifying gaps in asset and maintenance data during a data handover is equally challenging. We help our customers analyze and repair the quality of their asset and maintenance data. Allowing them to save up to 50% on the time and costs typically incurred during a data build or repair project to better help utilize the vast amount of data stored. To learn more about how we can help your business utilize big data, click here or book a meeting with us today!
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